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Spring Budget 2017: Chancellor gifted with OBR upgrade

Also on KPMG.com

“The Chancellor was handed a gift by the Office for Budget Responsibility in the form of an upgraded outlook for 2017, in anticipation of more resilient consumer spending. However, expectations for GDP growth in later years were scaled back slightly.

“The major changes to his spending plans included around £2bn increase in social care funding over the next three fiscal years, which in total amounts to ten per cent of spending on social care in 2015-16, and £2.2bn for education, which in total amounts to only 2.6% of education spend in 2015-16.

“While the Chancellor stressed the importance of improving UK productivity performance, no further spending was announced beyond the support for education. No doubt the Chancellor is saving as much as he can for any possible deterioration in the economic outlook later on. More would need to be done in order to make the UK fit for its new future, but with current uncertainties and relatively strong growth, the Chancellor has some time on his side.”

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.